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CSPAN
Jan 13, 2013 6:00pm EST
point of dealing with the biggest deficit in the country, the jobs deficit. to me, this bill simply put a band-aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle- class class. my theory is that in the next three political maneuvers that we are going to see coming up in congress, that people will start attacking the middle class. i believe this was our best opportunity to really take care long-term of the issues that we need to address to a balanced approach. >> to follow-up on that, you you voted early. you are not just waiting to see if it was going to pass and then vote no. the idea that obama kind of thatsome leverage theire, you wanted to see him fail, that he has to go back to the leverage -- that he does not have the leverage -- >> after the republicans walked away from the negotiations and tried the plan b by speaker boehner, it became clear, even after they tried to amend the senate yield that they could not do so dosh and the senate deal, that could not do so. -- it became clear, eve
CSPAN
Jan 13, 2013 10:00am EST
biggest deficit this country faces the jobs deficit. and to me this bill simply put a band aid on the problem. it did do something the president wanted to do, committed to do. he delivered on the promise to try to help protect the middle class but my fear is that in these next 3 -- three political maneuvers we're going to see that people will start attacking the middle class and i believe that this was our best opportunity to really take care long term the issues that we need to address to a balanced approach. >> so to follow up, you voted early, i was watching the board. you voted early. you didn't vote to see if it was going to pass and then vote no. was the idea that obama kind of lost some leverage there that you wanted to see it fail because obama now has to go back to the debt ceiling and he doesn't have the benefit of tax cuts looming? >> i knew it was going to pass. after the republicans walked away from the negotiations and then tried to plan b by speaker republican speaker bane thear failed where republicans wouldn't support their own speaker it became clear even after they
CSPAN
Jan 13, 2013 2:45pm EST
talk about deficit reduction, making sure our books are balanced, this is the guy who did it three times. he helped oversee what our nation's finest universities and largest investment banks. in my administration, he has managed operations for the state department and the budget for the entire executive branch. i have sought his advice on virtually every decision i have made from economic policy to foreign policy. one reason he has been so effective in this town is because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. over the years, he has built a reputation as a master of policy can work with members of both parties and ford principled compromises. maybe most importantly, as the son of a polish immigrant, a man of deep and about face, he knows that every member on a page, every dollar we budget, every decision we make has to be an expression of who we wish to be as a nation, our values. values that say everybody gets a fair shot at opportunity. and says we expect all of us to fulfill our individual obligations as citizens
FOX News
Jan 14, 2013 8:00am PST
deficit. we already reached the $16 trillion debt limit set by congress. treasury secretary tim geithner says his accounting tricks and maneuvers can only buy us a couple more months the president wants to call on congress to raise the debt ceiling without drama. he says even the threat, note to raise the debt ceiling could cause a down-tick in the nation's credit rating as it did in 2011. republicans are determined to use that leverage. it may be the only leverage they have to raise the nation's debt ceiling. in the past it has worked to demand spending cuts in exchange for raising the nation's debt ceiling. they intend to do it this time. heather? heather: a lot going on in washington. we hear rumors the president may address the issue of immigration reform. that may be one of the top priorities of his administration. is he expected to talk about that? >> reporter: perhaps but even before that the president is likely to be asked about efforts to curb the nation's gun violence with vice president biden set to give recommendations to the president as early as tomorrow. he has be
CSPAN
Jan 12, 2013 6:20pm EST
and veterans who fought in our name. we have to grow our economy entering our deficit. we need to great new jobs and boost family incomes. we have to protect our planet from the destructive effects of climate change. we need to protect our children from the horrors of gun violence. these will be difficult goals for america, but they must be met. if we could have the fraction of the termination of the men and women in, i know that we can meet them. i tend to work hard to make sure that we can. thank you. >> hello. i'm proud to represent the state of nebraska in the u.s. senate. i have traveled thousands of miles all across nebraska meeting with leaders and citizens to learn about their views and share my position on issues. during that time, i heard a single message over and over again -- washington must cut out of control spending. i agree. the american people are right to expect more accountability from their government. i recently saw a poll that three out of four americans support spending cuts across the boards. these hard-working taxpayers are tired of petty battles. they are
MSNBC
Jan 14, 2013 9:00am PST
driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people, the threat that unless we get our way, unless you gut medicare or medicaid or you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how historically this has been done. that's not how we're going to do it this time. what i'm saying to you is there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling because this is about paying your bills. everybody -- everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and eat all you want and then leave without paying the check. if you do, you're breaking the law. congress should think about it the same way that the american
CSPAN
Jan 9, 2013 7:00am EST
unvarnished this afternoon. let me remind him that we said we would cut the deficit in did is down by 25%. we said we would cut immigration and it is down by 25%. we said we would balance the economy, 1 million private-sector jobs. that is a record to be proud of. >> he has to do better than that. because -- because this is what his adviser says. he said asia and publish the secret order because as problematic areas it would lead to unfavorable copy and identify broken clinches. >> it is a far cry from the rose garden because this is what they said. we should throw open the door to enable the public to account. have another go. it is the simple question. was it his decision not to publish the audit, from his adviser, it would overshadow favorable coverage? >> order! calm down! >> early in the year -- calm down. calm down. these are difficult times ahead. it is his decision not to publish the audit. it is my decision is being published this afternoon. is this really the best he can do? he had a week in the canary islands with nothing else to think of. he does not ask about unemployment be
CNBC
Jan 14, 2013 12:00pm EST
the man driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. the threat that unless we get our way, unless you got mut mede or medicaid, or, you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how historically this has been done. that's not how we're going to do it this time. chuck what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling, or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean this is not a complicated concept. you don't go out to dinner and then eat all you want and leave without paying the check. and if you do, you're breaking the law. and congress should think about it the same wa
CSPAN
Jan 6, 2013 10:30am EST
call it, that solves the deficit problems in a balanced and responsible way that does not just deal with taxes but also spending so that we can put all this behind us and focus on growing our economy. with this congress, that was obviously too much to hope for at this time. [laughter] maybe we can do it in stages. we will solve this problem instead in several steps. in 2011, we started reducing the deficit through $1 trillion in spending cuts which have taken place. the agreement being worked on right now would further reduce the deficit by asking the wealthiest 2% of americans to pay higher taxes for the first time in two decades so that would add additional hundreds of billions of dollars to deficit reduction. that is progress but we will need to do more. keep in mind that just last month, republicans in congress of they would not agree to raise tax rates on the wealthiest americans and the agreement being discussed would raise those rates permanently. [applause] keep in mind, we will still have more work to do. we still have deficits that have to be dealt with, we will still have
CNN
Jan 14, 2013 8:00am PST
deal with the nation's deficit. we're watching what's going on at the white house, we'll have the full coverage of the news conference leading into it. we're also watching right now what's happening in newtown, connecticut. one month to the stay after that brutal massacre, you're looking now at live pictures, a news conference there, they're going to read a poem, let's listen in. >> it is a sad honor to be here today. it's been one month since i lost my son dillon and 25 other teams lost their loved ones. at times it feels like only yesterday and at other times it feels as if many years have passed. i still find myself reaching for dillon's hand to walk through a car parking lot. it's so hard to believe he's gone. at the same time i look at our community and what has been achieved in one month. a vacant school has been lovingly restored with great care and attention to welcome students back into a peaceful and safe environment. many businesses and groups are promoting the love we have in newtown as well as fundraising to help those in most need. neighbors here and elsewhere are re
CNN
Jan 12, 2013 10:00am PST
it, the red, came from barroing. that's the deficit. the subtotal of all these annual deficits plus the interest on it is the national debt. today the national debt stands at $16.4 trillion. the treasury the empowered to borrow money to support that but that's the debt ceiling. they are em bowered to borrow the money and write the checks to pay the bills already incurred by your democratically elected congress. today the debt creeling is $16.3 trillion, which is less than our testify sit. the u.s. breached the debt ceiling on december 31st, but the treasury can use what it calls extraordinary measures to raise an extra $200 billion. those extra funds will only last until about middpeb -february o early march. good luck trying to explain this to conservative talk radio show host rush limbaugh. >> that's right, rush. the debt ceiling was created so that congress wouldn't need to constantly authorize the treasury to borrow more money. raising the debt ceiling doesn't authorize any new spending. it authorizes payment. it does not increase deficits. it just allows the treasury to pay for
CSPAN
Jan 6, 2013 6:00pm EST
effort, deficit reduction of $24 billion altogether, reforms that were needed, did away with government subsidies that did not make sense. we sent it to the house. we were very close on the full bill. to my sheer surprise and shock, the house never took it up. i have never seen that before in my life, where the speaker of the house would not think that the 16 million people that work in agriculture across america were not important enough to bring a five-year farm bill to the floor. that was the worst part of all of this. it creates the situation of trying to figure out how we go around the house that will not take up the bill. we did end up with an extension that was different than was agreed to by the four leaders. that was also done at the very last minute by senator mcconnell leading the way. he had voted against the farm bill, even though he agreed to bring it to the floor. he was clearly protecting the interests of those who want to keep the big government subsidies. the extension we wanted that would have extended every part of the farm bill shaved off 2.5% from direct payments,
CSPAN
Jan 13, 2013 4:15pm EST
the opposite. record increases in spending, the biggest peacetime deficit in history, no effort to address entitlements which have grown significantly more challenging. wouldn't you call this that anti-clinton budget? >> no, i'm very proud of the work i did in the clinton administration and i point out one of the reasons spending was falling as a percentage of gdp was the economy was growing so fast because we had a good fiscal policy that promoted competent and economic growth. if you look at the projections today, we are projecting the retirement of the baby boom and we see more people claiming their benefits. >> i want to get to that projection. it is part of the reality that even if we cut spending in the policies we are making, as we pay the policies that are due, there are areas where spending goes up. i don't think any of us want to be saying people should not be able to collect social security benefits when they are 65. that and medicare for people who are retiring are driving aggregate spending levels. on the discretionary side, we are cutting spending. >> which is why we
CNN
Jan 13, 2013 12:00pm PST
, the red, came from borrowing, the deficit. the sum total of all of these annual deficits, plus the interest is national debt. today the national debt extends at $16.4 trillion. the treasury is empowered to borrow money to make up for that shortfall. but only up to a certain amount. that's the debt ceiling. keep it in mind, the treasury does not make decisions about how the money is spent. they're simply empowered in this case to borrow money and write the checks to pay the bills incurred by your democratically elected congress. today the debt ceiling is $16.3 trillion which is less than our debt. the treasury can use extraordinary measures to raise an extra $200 billion. those extra funds will only last until about mid february or early march according to the bipartisan policy center. good luck trying to explain this to conservative talk radio show host, rush limbaugh. >> i think it's a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or its debt limit. now ali vel
FOX Business
Jan 14, 2013 11:00am EST
going to live within our means, how are we going to bring down the debt and the budget deficit, what are we going to do about the trade deficit so we can create an economy again that's growing for the good of all. that's the most important thing i think is -- i think is happening. i think it's just so important that we move to a comprehensive strategy to enable economic development in the united states. that's the most important thing we do for all of us. jeff: if you were asked, would you work in if obama administration? -- in the obama administration? >> i've been very pleased to support the administration, this administration and the previous one because that public private partnership especially for manufacturing in the united states and especially with the trade rules around the world, i've been pleased to be asked and listened to. jeff: i mean a real job? >> i think the best thing i can do and feel really good about it is serving forward. jeff: your work is done. you have done it. >> no, we're just getting started. it is an important part of the united states economy. nea
MSNBC
Jan 12, 2013 1:00am PST
. so for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it three times. >> he didn't just talk about balancing the budget and tackling the deficit, he did it, three times. the president seeming to take a certain amount of pleasure in being able to describe his treasury nominee jack lew that way, given the deficit peacockery which pervades washington, honestly, particularly on the republican side of the aisle. republicans really like to talk about cutting the debt and cutting the deficit, as if that is the long-standing prerogative of their party. but it was under republican leadership that we passed two debt exploding rounds of george w. bush tax cuts as well as two wars without any plan to pay for any of it. in the process, republicans took a massive budget surplus that they inherited in 2001 and they turned it into a massive budget deficit eight years later. the person that they inherited the surplus from, that would be a guy by the name of jack lew. >> for all the talk out there about deficit reduction, making sure our b
FOX News
Jan 14, 2013 3:00pm PST
dropped eight. we will get out the calculator to check out the numbers for the deficit reduction so far. that is coming up later. up next, is the u.s. entering a new battleground in the war on terror? [ male announcer ] when these come together, and these come together, one thing you can depend on is that these will come together. delicious and wholesome. some combinations were just meant to be. tomato soup from campbell's. it's amazing what soup can do. yeah. then how'd i get this... [ voice of dennis ] ...safe driving bonus check? every six months without an accident, allstate sends a check. ok. [ voice of dennis ] silence. are you in good hands? well, dad, i spent my childhood living with monks learning the art of dealmaking. you've mastered monkey-style kung fu? no. priceline is different now. you don't even have to bid. master hahn taught you all that? oh, and he says to say (translated from cantonese) "you still owe him five bucks." your accent needs a little work. >> bret: the youngest and most innocent are victims of the syrian war. 13 people were killed including eight chirp. >
CNN
Jan 14, 2013 9:00am PST
spending, which is the main driver of our deficits, we can arrive at a package that gets this thing done. i'm happy to have that conversation. what i will not do is to have that negotiation with a gun at the head of the american people. the threat that unless we get our way, unless you gut medicare or medicaid, or, you know, otherwise slash things that the american people don't believe should be slashed, that we're going to threaten to wreck the entire economy. that is not how, historically, this has been done. that's not how we're going to do it this time. [ inaudible question ] chuck, what i'm saying to you is that there is no simpler solution, no ready, credible solution other than congress either give me the authority to raise the debt ceiling or exercise the responsibility that they have kept for themselves and raise the debt ceiling. because this is about paying your bills. everybody here understands this. i mean, this is not a complicated concept. you don't go out to dinner and then, you know, eat all you want, and then leave without paying the check. and if you do, you're br
CSPAN
Jan 14, 2013 12:00am EST
pledges. we said we would cut the deficit and it is down by 25%, we said we would cut immigration and it is down by 25%, we said we would rebalance the economy and there are 1 million private sector jobs. that is a record to be proud of. >> i am afraid he will have to do better than that. his adviser said that the government should not publish the secret audit because it had "problematic areas", would lead to "unfavourable copy", and identify "broken pledges" -- that is a far cry from the rose garden, isn't it? the government said they would "throw open the doors...to enable the public to hold politicians...to account." have another go. it is a simple question. was it his decision not to publish the audit because -- and i quote from his adviser -- it would "overshadow" favourable coverage? he should calm down. it is early in the year so calm down. you've got difficult times ahead. was it his decision not to publish the audit? >> it is my decision that it is being published this afternoon. is that really the best he can do? he has had a week sitting in the canary islands with nothing else
CSPAN
Jan 14, 2013 12:00pm EST
indicated before, and have bid have a conversation on how we reduce our deficits further in a sensible way. -- i would have a conversation about how to reduce our deficits in a sensible way. we can talk about how we can make sure we finance our workers getting properly trained and are schools getting the education they deserve. there is a whole growth agenda that is important does well. -- as well. what you have not seen as the notion that has been presented so far by the republicans that deficit reduction will only cover spending cuts, that we will raise the debt ceiling dollar for dollar on spending cuts. there are a whole set of rules that have been established that are impossible to meet without doing severe damage to the economy. we're not going to put ourselves in a position where, in order to pay for the spending we have already incurred, where the two options are we were way to either profoundly hurt the economy, hurt seniors, hurt kids trying to go to college or we will blow up the economy. we will not do that. not whatever congress does. they will have to send me something th
MSNBC
Jan 14, 2013 8:00am PST
our economy and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade, which would stalize our debt and our deficit and n. a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step we've made progress towards that goal. over the past two years i've signed into law $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save an interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not coun
FOX Business
Jan 6, 2013 8:00am EST
just hollywood you can make the case in the long run, running up the deficit can cause a fiscal collapse and crisis that could lead to major recession, but in the short run, jobs 2013, giving the tax credit to make movies in america. if they make the movie in canada wouldn't that create less jobs in the u.s. than making the movie or commercial here. yeah, it's increasing the federal deficit it's same with building nascar race tracks, that you wouldn't have built without credits from the government. it's not a great policy long run, but it will make jobs in the short run. >> you're the only guy who likes electric motor scooters and nascar. >> it's time for an opportunity to take my scooter out on the trac >> brenda: alright. gary b, i have a feeling you don't agree. >> i don't, brenda. look, i do agree with one point jonas made, no one can disagree that stimulus spending creates jobs. we're all in agreement about that. the real question, is that dollar better spent by the government or is it spent-- better spent by the private sector? look, this has been stued and the multiplier,
PBS
Jan 13, 2013 3:30pm PST
presided over three budget surpluses in a row. so for all the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. >> the white house chief of staff, jack lew, was nominated by the president this week to replace outgoing treasury secretary timothy geithner. lew is a democratic veteran of washington, 30 years of service. currently he is president obama's chief of staff. earlier lew served as his budget director, and in that job he raised republican hackles. in fact, jeff sessions of alabama, the ranking republican on the senate budget committee, has already said he will try to block mr. lew's confirmation, notably over a statement lew made two years ago. lew was then omb, office of management and budget director. "our budget will get us over the next several years to the point where we can look the american people in the money th speaking to this, senator sessions had this to say. "to look the american people in the eye and make such a statement remains the most direct and important false assertion during ng my entire t i
FOX
Jan 11, 2013 5:30am EST
as treasury clinton, he presidee over row. so for all the talk out there about deficit reduction, paking ure our books are balanced, this is the guy who did it, three tiims. jack lew, obbma's chief of staff and former budget director, has been by the president's side through bruising deficit reduction negotiatioos. but lew is not a ddrllng of wall street or repuulicans. in bobb &pwoodward's "the price off boehner ssys he told the - presiient "please don't senn jack lew" during the fragile debt ceiling neggtiations of 20111."it was unbelievabbe," boehner said. "at onn point i told the president, keep him out of here. i don't need somebody who just knows how to say no." with the lew announceeent, all of the president's top picks, state, briefing this week, reporters - have peppered press secretary observersshave dubbed "obama's white ggy problem". these storris are in eaction to a couple offappointmenns. i think it would be useful to &pwait and make judgments about this issue afferrthe preeident has made the totality of appointments that he will make in the ttansition to the second
FOX
Jan 6, 2013 10:00am PST
can raise more revenue to address the sequester issue and long-term deficit. >> john: congressman jordan do you buy that? >> no, they are scheduled for the outyears. congress said give us the revenue and we'll promise to get the cuts. that's what the fiscal cliffs was. no cut necessary there and stame old, same old. i tell folks back at home, this is promises from politicians, not from your parents or pastor or priest. politician say we promise to get to the balanced approach later and cut spending later. mitch mcconnell is right. we have to cut spending. credit card is maxed out. he is right. let's foxus on the problem which is this government can't control spending and we have to control it. >> john: we spoke at link when you were the president's point person on the budget and you state said simpson-bowles and you have to have the model and revenue and spending cut. >> guest: that's right. >> john: we got revenue. where are the spending cuts. >> guest: the cuts and revenue are with far short in both categors. mr. #1: but you are looking at trillion hole in the debt. >> guest:ici
FOX
Jan 10, 2013 5:30am EST
president pushed the issue again... in the fiscal cliff egotiations. agreement futher reduces the deficits byyraissng $622 from the wealthiest households in america." america." the compromise increassd the inccme tax rate to early 40 percent for those individuals making more than 400-thousand dollars.but the deal didn't really put a dent in the national debt so 3 increases ahead. ut ssme ecomomisss say therr just arrn't eeough very rich peoppe to keep the government & going very long. long."if you took not only the tax creases that president obama wants but it you every single penny and dollar thatt -3 they made over a course of a -3 year you'd only ankroll the & months that hardly seems like a meaning full solution. right and that assumes that people would still ork and stil invest. invest. so we decided to see - how something even more prastic wouud work.... what about taking 100 percent of in one year. we're talking about taking aboutt100 percent of their entire fortunes.. we went to the forbes magazine liit of 100 richest americaas. pnd we added up the entire buffet and the next 98 peo
CSPAN
Jan 6, 2013 12:00pm EST
discussions about the dangers of the federal deficit. tax cuts did not just that in the bank accounts of rich people to, they plunged the nation deeper into the red. >> guest: absolutely, and that think written about taxes and deficit finance for many years. and until we looked into it for this book we did not fully realize just how egregious those revenue losses have been. this is the point we make. a lot of people think what is happening in the economy, all this is inevitable and we are just -- the rest of the world is catching up with us and that is where incomes are stagnant and all this business. we show that it is very much because of public policy. these things are just not happening and and and. taxes are a perfect example of that. i mean, none of the statistics in the book -- one of the statistics in the book that has stunned people, go back to the 50's and look at the richest americans, which is a specific number of people come of 400 richest. the irs says track these people often on for many years. back in the mid-50s they paid 51 percent of their income in federal taxes. on t
PBS
Jan 14, 2013 12:00am PST
slashing the deficit and avoiding that well-known and worn fiscal cliff is killing us, krugman writes, getting in the way of what really needs to be done, which is dedicating government to creating jobs and getting us back to full employment. he blames not only congress but the white house. paul krugman is professor of economics and international affairs at princeton university. since 1999, he's been an op-ed columnist at "the new york times" and now also writes a blog for the paper titled "the conscience of a liberal." according to the search engine technorati, it's the most popular blog by an individual on the internet. author or editor of some 20 books and more than 200 professional papers, krugman is a thinker so esteemed and widely known in his field he's become an icon. not only has he won the nobel prize in economics, he's also the subject of this song by the balladeer loudon wainwright iii -- ♪ i read the new york times that's where i get my news ♪ ♪ paul krugman's on the op-ed page that's where i get ♪ ♪ the blues 'cause paul always tells it like it is we get ♪
ABC
Jan 6, 2013 8:00am PST
stimulus in the short term, number two, serious deficit reduction in the long term and, number three, some stability and some certainty about the future, and we got none of this, and that really is a major problem. we are going to be up against continuous trench warfare, and we have not dealt really at all with the deficit, long-term deficit problem, and in the short term we've got a huge employment issue. i mean jobs should be the number one issue right now in the country. it still is. we saw that unemployment report, it still is a terrible jobs picture and yet we have virtually no stimulus, in fact, you know, social security taxes are going up. >> jon karl, clear when i was talking to senator mcconnell that even though he doesn't want to accept the possibility of another massive confrontation over the debt limit in february but it's coming, the divisions are as wide as they ever were. >> we are absolutely on a collision course. this amazing situation, george, where the white house is saying, they will not negotiate on the issue of the debt limit. that's just something congress has
PBS
Jan 13, 2013 4:00pm PST
different from the others that weren't? >> well, what makes it different is we have no deficit due to years of budget cuts and due to the new tax revenues we're realizing from voters' approval of proposition 30 in november and essentially as he said, this is a breakthrough. it's not without risks. he was careful to caution. it's only january. this is only the start of the budget process. we all mull it over see how the numbers develop. he puts out his may revision then the legislature starts fight over it and hopefully we have a document enacted by the end of june. we're only at the very beginning. there are a lot of risks along the way. there's a federal deficit that needs to be contended with that can have a lot of impact on the way the state gets and spends its money. the economic recovery is still sort of slow and struggling upward and any reversal on that could spell a change in our state revenues. the federal government or the courts could have a problem with some of the proposed budget cuts that we have made or want to make. it's happened a lot over the last few years. and i
CSPAN
Jan 12, 2013 9:00am EST
deficit. tax cuts didn't just that in the bank accounts of rich people, they plunged the nation deeper into the red. >> guest: absolutely. in deficit financing and all these things for many years, what we looked at for this book, we didn't fully realize just how egregious those revenue losses had been. this is the point we make in the book. about people and what is happening in the american economy, the global economy is inevitable and the rest of the world is catching up with us which is why incomes are stagnant. we show it is very much because of public policy. these things are not happening on their own. taxes are perfect example. one of the statistics in the book that has absolutely stunned people, go back to the 50s and look at the richest americans which is a specific number of people, the 400 richest people, in the mid 50s they paid the 51% of their income in federal taxes. on the verge of the implosion, economic meltdown of 2008 those 400 richest americans, the percentage was down 16%. that is a huge difference. a lot of young people don't realize what has happened to the tax b
CBS
Jan 14, 2013 7:00am PST
is shrinking our deficits in a balanced and responsible way. and for nearly two years now i've been fighting for such a plan, one that would reduce our deficits by $4 trillion over the next decade which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training, science medical research, all the things that help us grow. now, step by step we've made progress toward that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed in a law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, altogether that adds up to a total of about $2.5 trillion in deficit reduction over the past two years, not counting the $400 billion already saved from winding down the
ABC
Jan 14, 2013 7:00am PST
to growing our economy and broadening opportunities for the middle class is shrinking deficits in a balanced and responsible way. and for nearly two years now, i have been fighting for such a plan. one that would reduce our deficits by $4 trillion over the next decades. which would stabilize our debt and deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy but it would make it manageable so that it does not crowd out the investments we need to make in people, education, job training, science, medical research. step by step, we made progress towards that goal. over the past two years, i have signed into law about $1.4 trillion in spending cuts. two weeks i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that will save in interest payments on the debt, altogether that adds up to a total of $2.5 trillion in deficit reduction over the past two years. not counting the $400 billion already saved fr
NBC
Jan 7, 2013 3:00am PST
? why isn't he leading us in the direction of beginning to solve our long-term debt and deficit problem? it's perplexing to me. that the president of the united states, elected to lead the country, is so reluctant to engage on the most important issue regarding our future. >> but you understand what the president told me last week and other democrats have said, the republicans had a chance to say yes to a number of things, in addition to the trillion dollars of spending cuts that were en80ed as part of the budget control act of last year. they could have had additional cuts in entitlement programs if you had agreed before you did it in this temporary measure. going back to the summer of 2011, the president said to all of you republican leaders, if you didn't have such a hard time saying yes to me as president we could have solved some of these issues why. is he off base about that? >> you can relitigate the past if you want to. where we are now is we have resolved the revenue issue, and the question is, what are we going to do about spending? i wish the president would lead us in this d
CSPAN
Jan 9, 2013 5:00pm EST
or die. they do not have app income. 75% to 11%, even to reduce the deficit, do not cut social security benefits. now, progressives, like myself, asking for a purity on the 75% portion of that issue is completely different from those on the right that are standing up to the 11% popular issue. his version of fair is essentially proposalling a 50/50 compromise or 60/40 compromise on the other side saying the votes. if 75% of the people are on the side, he should hot give a 50/50 deal to the republicans. >> host: too late, dick durbin, second in charge of the democrats, said look at deductions and loopholes, but say anything about going back to individual tax rates. >> guest: because we left hundreds of billions of dollars on the table in that round, the bar is higher for democrats this round, and that's numerous answers to make sure we preserve social security, medicaid, and medicare benefits. there's hundreds of billions of dollars in corporate tax loopholes, they can get away with murder, and venn the leader of the republican in the senate was on "meet the press" this weekend g
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